Are you prepared for a disaster? Protect yourself with personal insurance.
Life can change in an instant. A storm could destroy your home, a wrong turn could cause a crash, or a lawsuit could threaten your financial security. If something unexpected happens, will you be able to recover? Personal insurance coverage can help you get back on your feet after an unexpected loss.
Protection for Your Home
If you own a home, it’s likely your greatest investment. Homeowners insurance can protect your investment from fires, storms, burst pipes and other common losses. Standard coverage excludes flood and earthquake risks, but if you have these exposures in your area, you can secure additional coverage to make sure your home is protected.
Homeowners and renters insurance also provide coverage for your personal belongings, as well as liability protection and additional living expense coverage to help with things like hotel costs if you can’t live in your home after a covered loss. Whether you rent or own, it’s important to protect your home.
Protection for Your Vehicles and Watercraft
Accidents happen. Even if you’re a safe driver, it only takes one second of distraction or poor judgement to cause a crash. To ensure that you can cover any damage you cause, most states require drivers to carry auto liability insurance. Many drivers secure additional coverage to protect their own vehicles, and if you have an auto loan, your lender likely requires this.
Don’t forget about your boats, RVs, motorcycles and other vehicles and watercraft. You may need insurance under state law or the rules of any marinas you use. Even if insurance is not mandatory, it can be a smart way of protecting your belongings.
Protection for Your Belongings
Over the course of your lifetime, you’ve likely amassed a large collection of furniture, clothes, electronics, art, jewelry, books, games, and other items. If these items were destroyed in a fire or other disaster, replacing them would be a financial burden – one that many people could not afford.
Homeowners and renters insurance provide coverage for personal belongings. However, this coverage may not be sufficient for your needs. The coverage limits for personal belongings can be as low as 50% of the coverage limits for the structure of your house. While this may be enough, if you have a lot of belongings, it may not cover everything. Many people are surprised when they add up all their belongings and realize how much they have, and how much it’s worth. Conducting a home inventory is the best way to see what you have and whether you need more insurance coverage. If you ever experience a loss, your home inventory will also help with the claims process.
Certain high-value items like art and jewelry may need additional coverage. A standard home policy has sub-limits that may apply to individual items. For example, if your jewelry is stolen, your home policy may only cover $1,000 or $1,500 of the loss. If your jewelry is worth more than this, you may not have enough coverage. Have your high-value items appraised and secure additional coverage with an endorsement that’s added to your home policy or a separate insurance policy.
Protection for Your Finances
Have you ever thought about what would happen if you were sued? Lawsuits involving bodily injuries or property damage are common. If your dog bites a neighbor, your kid damages a nearby house, you cause a car collision, or a visitor trips on your property, you could be hit with a lawsuit.
Although homeowners insurance, renters insurance and auto insurance all typically include some liability protection, there may be coverage gaps, and the limits may not be high enough to cover a lawsuit involving significant damage or injury. You can secure additional liability coverage with a personal umbrella insurance policy.
Frequently Asked Questions
What does personal insurance include?
Personal lines insurance does not refer to a single policy, but rather any policy that’s designed for individuals and families rather than businesses. What’s included in your personal insurance will depend on the types of policies you buy. Common personal policies include home and auto insurance, umbrella liability insurance, and life insurance policies.
How is personal insurance different from commercial insurance?
The main difference between personal insurance and commercial insurance is that personal insurance is written to cover individuals and families, while commercial insurance is written to cover businesses. Commercial insurance policies are typically more expensive and offer higher limits, and commercial policies often feature certain types of policies and coverages not found in personal lines.
Personal insurance policies typically exclude commercial losses. If you use your home or car for business purposes, you may not have adequate coverage under your personal home and auto insurance policies, and your claims could even be denied if they are related to business activities. You can secure the commercial coverage you need with an endorsement or a separate policy.
Which types of personal insurance coverage are most important?
Your insurance should be customized to your individual needs. However, home and auto insurance tend to form the basis of personal insurance, since these policies are often required by lenders and (in the case of auto) state law. However, other types of personal insurance may be important for your unique needs.
Can I bundle my home, auto, and personal insurance policies?
You can frequently bundle your home, auto and personal insurance policies. In addition to making it easier to manage your insurance and report claims, this is also a good way to qualify for discounts for affordable personal insurance.
What type of auto insurance do I need?
State law dictates the minimum amount of car insurance that drivers need to carry. This typically includes minimum limits for bodily injury and property damage liability. However, liability insurance only covers losses you inflict on other people. It does not cover losses you incur yourself. For example, if you rear end another driver, your liability insurance should cover the damage to the vehicle you hit, up to the limit, but it will not cover damage to your own vehicle.
Auto lenders typically require comprehensive and collision insurance, which covers damage to your own vehicle. If you could not afford to replace your vehicle, this is smart coverage to have, even if you don’t have a car loan. You may also benefit from other types of coverage, such as uninsured/underinsured motorist coverage.
How do I get a personal insurance quote from Mavrix?
To get a personal insurance quote, you’ll need to provide a little information about yourself. To get started, use the link below.